What is in box 2a on the 1099-R you received?
The IRS instructions say: For section 1035 exchanges that are reportable on Form 1099-R, enter the total value of the contract in box 1, 0 (zero) in box 2a, the total premiums paid in box 5, and Code 6 in box 7.
If your box 2a is not zero, then contact the insurer of the 1099-R for a corrected 1099-R. You cannot change it yourself because the IRS gets a copy form the payer and they must match.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
